Team17 secure funding and prepare for further growth
02 Sep 2016
Independent video game developer, Team17 has secured a £15m investment from Lloyds Development Capital as it looks to fund major growth plans.
Team 17, based at Calder Island in Wakefield, can trace its roots back 25 years, but its defining moment came with the publishing of Worms in 1995.
The company has already put the money to good use, acquiring UK micro studio Mouldy Toof Studios and its franchise The Escapists, which Team 17 helped to develop and publish.
The firm which has additional offices in Nottingham, the company enjoyed a "highly successful" year in 2015 and said it was necessary to obtain some investment to further grow the business.
Current directors Paul Bray and Debbie Bestwick undertook a management buy out of the company in 2011 and have focused on identifying developer talent and supporting the growth of their games.
Debbie Bestwick said: "With LDC's investment and support, we're now in an even stronger position to continue our growth strategy.
"The team's experience of supporting businesses that work overseas means they're well-placed to help us continue bringing the best games to the global market, and with a number of launches in the pipeline we're set for a busy few months.
"This is an exciting time for Team17, and I'm looking forward to working together with LDC as we take our business to the next level."
The firm recently released the latest iteration of Worms, Worms WMD and is also behind the yet-to-be-released Yooka Laylee, due for release in March 2017.